International Star Inc (OTCMKTS:ILST) on August 24, 2022, announced entering into a transaction for acquiring Canadian company, Budding Equity Inc. The Canadian firm partners with celebrities and movie studios to monetize intellectual property in the burgeoning global cannabis industry, harnessing best-in-class manufacturers and distributors.
Trading Data
On Wednesday, ILST stock moved down 49.25% to $0.0034 with 187.99 million shares, compared to its average volume 23.19 million shares. The stock moved within a range of $0.0032 – 0.0056 after opening trade at $0.0055.
International Star Announces Appointment Of New Interim CEO And Chairman And Imminent Initial Acquisition
The firm closed on an initial 6% stake in Bei. It secured an option for acquisition for the rest of 94% in the next one year. Additionally, International Star is giving Bei a senior secured loan of about $545,000 for expanding inventory and spurring sales growth.
Nochum Greenberg, its interim CEO and Chairman of the Board said that the company has taken the first step in the strategic plan for building International Star into a cashflow producing company. Greenberg added that it will help realize benefits for shareholders. The CEO is looking forward to working with the management of Bei and helping in growth initiatives.
Key Quote
Mr. Greenberg commented, “We are very excited about our plans for International Star’s future. We intend to shape an organization that will effectively achieve its vision and purpose and, ultimately, expand the Company’s business and maximize its value. We will provide further disclosure of our plans to our shareholders and the general public as soon as possible. We are aware that there are many eager and devoted shareholders out there and we thank you all for your support. We want to thank Caren Currier for aiding in transaction, and her guidance while administrative tasks were dealt with.”
International Star Announces Initial Close Of Acquisition Of Budding Equity Inc. And Concurrent Institutional Financing
International Star Inc on August 15, 2022, had announced the appointment of Mr. Nochum Greenberg as its interim Chief Executive Officer and Chairman of the Board.
The company confirmed that Greenberg will spearhead its transition, oversee repositioning and execute the strategic plan. Management’s vision for the firm is to merge or acquire revenue-producing as well as cash flow-positive target companies.
Greenberg expressed excitement about the company’s plans and intends to shape an organization to effectively achieve its purpose and vision. Ultimately, the CEO said that the firm is looking at maximizing the business value.
Technical Data
ILST stock is trading below the 20-Day and 50-Day Moving averages of $0.0055 and $0.0052 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0075. The company has a total market capitalization of $5.68 million.
